Proctor & Gamble

October 2, 1985|By Bruce Carden

FRIENDLY BUYOUT. Richardson-Vicks Inc. jumped into the friendly arms of Procter & Gamble Co. on Tuesday, agreeing to be bought up for $1.2 billion to escape a hostile takeover bid by Unilever. The joint announcement said Procter & Gamble would soon begin a cash tender offer of $69 for each of Richardson- Vicks' common shares outstanding. The agreement would make Richardson-Vicks a wholly owned subsidiary of Procter & Gamble.